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Document
Financial Report for the Third Quarter of
the Fiscal Year Ending March 31, 2012 (Japanese GAAP) (Consolidated)
Company name:
Stock listing:
Stock code:
Head office:
URL:
Representative director:
Inquiries:
Scheduled date to submit quarterly securities report:
Scheduled date to begin dividend payments:
Supplementary materials to the quarterly financial
statements have been prepared:
Presentation will be held to explain the quarterly
financial statements:
January 26, 2012
MAX CO., LTD.
First Section of the Tokyo Stock Exchange
6454
6-6, Hakozaki-cho, Nihonbashi, Chuo-ku, Tokyo, JAPAN
(http://www.max-ltd.co.jp)
Takashi Miida, CEO, President and Representative Director
Hachiro Kawamura, Managing Director, General Manager
Tel: +81-3-3669-0311
February 10, 2012
―
Yes
Yes (for securities analysts and fund managers)
(Figures of less than ¥1 million have been omitted.)
1. Results for the Third Quarter of the Fiscal Year Ending March 31, 2012
(April 1, 2011 to December 31, 2011)
(1) Consolidated Operating Results
(Millions of yen, % denotes year-on-year change)
Nine months ended
December 31, 2011
Nine months ended
December 31, 2010
Net sales
¥42,665
8.0%
¥39,502
11.8%
Operating income
3,145
9.7
2,868
172.4
Ordinary income
3,108
8.7
2,859
109.5
Net income
1,096
(17.3)
1,325
75.0
Net income per share (yen)
¥21.74
—
¥26.30
—
Net income per share after full dilution (yen)
—
—
—
—
Note: Comprehensive income: ¥893 million (6.6%) (Nine months ended December 31, 2011); ¥838 million ( —%) (Nine
months ended December 31, 2010)
(2) Consolidated Financial Position
(Millions of yen)
At December 31, 2011
At March 31, 2011
Total assets
¥79,720
¥81,486
Net assets
61,371
62,357
Shareholders’ equity ratio (%)
75.5%
75.1%
For reference: Shareholders’ equity: ¥60,176 million (as of December 31, 2011); ¥61,171 million (as of March 31, 2011)
2. Dividends
Annual Dividends
End of first
quarter
Yen
¥—
—
End of second
quarter
Yen
¥—
—
Year ended March 31, 2011
Year ending March 31, 2012
Year ending March 31, 2012 (Est.)
Note: Revisions from recently announced dividend forecast: None
End of third
quarter
Yen
¥—
—
End of fiscal
year
Yen
¥36.00
36.00
Total
dividends
Yen
¥36.00
36.00
3. Forecast of Consolidated Operating Results for the Fiscal Year Ending March 31, 2012
(April 1, 2011 to March 31, 2012)
(Millions of yen, % denotes year-on-year change)
Year ending March 31, 2012
Net sales
¥57,700
5.9%
Operating income
4,500
8.3
Ordinary income
4,500
8.0
Net income
1,850
13.2
Net income per share (yen)
¥36.70
―
Note: Revisions from recently announced performance forecast: Yes
4. Others
(1) Changes in important subsidiaries during the period (changes in special consolidated subsidiaries attendant with change in
scope of consolidation): None
Included: ― Excluded: ―
(2) Application of special accounting procedures in creating consolidated quarterly financial statements for the quarter under
review: Yes
(3) Changes in accounting principles, changes in accounting estimates, and changes in presentation due to revisions
1. Changes in accounting principles accompanying revisions in accounting standards: None
2. Changes other than those in “1.” above: None
3. Changes in accounting estimates: Yes
4. Changes in presentation due to revisions: None
(4) Number of shares outstanding (common stock)
(a)Period-end number of shares
outstanding (including treasury
stock)
(b)Period-end number of treasury
stock
(c) Average number of outstanding
common shares for the Second
quarter (Six months)
Third quarter of fiscal year
ending March 31, 2012
50,500,626
Fiscal year ended March 31,
2011
50,500,626
Third quarter of fiscal year
ending March 31, 2012
88,729
Fiscal year ended March 31,
2011
86,610
Third quarter of fiscal year
ending March 31, 2012
50,412,274
Third quarter of fiscal year
ended March 31, 2011
50,418,013
*Status of Performance of Quarterly Review Procedures
At the time when this quarterly financial report was disclosed, the quarterly review procedures based on Japan’s Financial
Instruments and Exchange Law had not been completed.
*Explanation of the Appropriate Use of Performance Forecasts and Other Related Items
Statements in these materials that refer to the outlook for performance and other forward-looking statements are based on
information that the Company has available to it at present and on certain assumptions that are judged to be reasonable. Actual
performance may differ substantially from this outlook due to a wide range of factors. Please note that the conditions underlying
assumptions on which the outlook is based and cautionary notes on the use of the outlook may be found on page 7 of the attached
materials entitled (3) Qualitative information on consolidated operating forecasts.
Table of Contents of Supplementary Materials
Consolidated Operating Results ········································································································································2
(1) Consolidated operating results for the first quarter······································································································2
(2) Consolidated financial position····································································································································7
(3) Consolidated operating forecasts··································································································································8
Other Information······························································································································································9
(1) Changes in important subsidiaries during the period···································································································9
(2) Application of special accounting procedures in creating consolidated quarterly financial statements······················9
(3) Changes in accounting principles, changes in accounting estimates, and changes in presentation due to revisions··9
Consolidated Financial Statements ·································································································································10
(1) Consolidated balance sheet········································································································································10
(2) Consolidated statement of income·····························································································································11
(3) Consolidated statement of comprehensive income····································································································12
(4) Consolidated statement of cash flows························································································································13
(5) Notes on assumptions underlying the definition of ongoing businesses····································································14
(6) Segment data······························································································································································14
(7) Notes on significant changes to shareholders’ equity································································································15
1
Qualitative Information / Financial Statements
1. Consolidated Operating Results
(1) Consolidated operating results through the third quarter
(a) Companywide consolidated operating results
Nine months ended
December 31, 2011
Net sales
Nine months ended
December 31, 2010
(Millions of yen, %)
Increase (decrease) year on year
Amount
% Change
8.0%
¥42,665
¥39,502
¥3,163
Operating income
3,145
2,868
277
9.7
Ordinary income
3,108
2,859
249
8.7
Net income
1,096
1,325
(229)
(17.3)
¥21.74
¥26.30
¥(4.56)
Net income per share (yen)
Operating margin
7.3%
7.4%
―
0.1pp
During the first nine months of the fiscal year (through the end of the third quarter), concerns about a slowdown in the world
economy increased as the fiscal and monetary issues in European nations became more serious and recovery in the U.S. economy
was delayed. In addition, rates of growth in the economies of the emerging countries, including China, which had been continuing at
a high level, began to weaken.
In Japan, the issues caused by the severing of supply chains following the Great East Japan Earthquake were almost fully resolved,
but major floods in Thailand created turmoil and had an adverse impact again on production activities. In addition, the operating
environment continued to be tough due to a number of factors, including the rise in the value of the yen and its leveling off at
historically high levels as well as stagnation in stock prices.
Amid these conditions, the Company maintained the management policy of “forming deeper links with customers and, thereby,
gaining increased client confidence,” and worked to strengthen its customer relationship management (CRM) as it puts the three key
words of “real workplace,” “real products,” and “reality” into action throughout the entire Company and organization with the aims
of increasing customer value and corporate value.
As a result of these various initiatives, consolidated net sales increased 8.0% compared with the same period of the previous year,
to ¥42,665 million, and operating income rose 9.7%, to ¥3,145 million, thus bringing the operating income to net sales ratio
(operating margin) to 7.4%. Ordinary income increased 8.7%, to ¥3,108 million, despite the effects of foreign exchange losses of
¥358 million due to the appreciation of the yen.
Net income through the third quarter decreased 17.3%, to ¥1,096 million. The principal reasons for the decline in net income were
the reporting of an extraordinary loss of ¥581 million owing to losses on the valuation of investment securities, an increase in the
estimated effective tax rate used for calculating tax expenses (because of a resulting reduction in the tax rate for tax effect
accounting), and a consequent rise in income taxes of ¥243 million.
2
100 million yen
115.1
116.2
250
115.1
108.9
104.0
120%
109.3
105.9
96.3
100%
100
200
78.9
Year-on-year change(%)
80.6
72.4
149.6
150
118.6
115.9
118.6
129.9
137.8
136.6
Q2
Q3
146.0
149.3
Q2
Q3
131.2
120.5
100
50
Net sales(100 million yen)
0
0
Q1
Q2
Q3
Q4
Q1
3/2010
Q4
3/2011
3/2012
Operating income(100 million )
Ordinary income(100 million yen)
Quarterly net income(100 million yen)
Operating Margin
100 million yen
30
25
5
3.0
9.6 9.6
4.4
5.1
4.5
5.3
6.0
0.7
Q2
6.4
0
3.0
-0.5
0
Q1
9.7 10.4
5.7
3.6
2.7
10.6
9.5 9.9
7.8 7.7
6.3
3.5
2.4
12.1
10.9 11.1
8.0
3.9 4.0
6.5
12.8 13.0
2.1
5
7.3
4.1
3.8
10
10
8.3
7.1
6.6
20
%
8.6
8.0
15
Q1
Q3
Q4
Q1
Q2
-1.2
Q3
Q4
Q1
Q2
Q3
-5
-5
3/2010
3/2011
3
3/2012
(b) Operating results by division
Office Equipment Division
Nine months ended
December 31, 2011
Net sales
Nine months ended
December 31, 2010
¥16,319
¥15,701
3,276
3,868
Operating income
Operating margin
(Millions of yen, %)
Increase (decrease) year on year
Amount
¥617
3.9%
(592)
24.6%
20.1%
% Change
(15.3)
(4.5)pp
In the office equipment division, sales through the end of the third quarter increased 3.9% compared with the same period of the
previous year, to ¥16,319 million. Operating income decreased 15.3%, to ¥3,276 million, and the operating margin was 20.1%.
Please note that the Company reported additional sales of ¥650 million and additional operating income of ¥10 million because of
the adjustment of accounting periods of consolidated subsidiaries to be the same as the parent company. After exclusion of these
amounts, sales decreased 0.2%, to ¥15,668 million, and the operating margin was 20.8%.
In the domestic office equipment business, sales of staplers rose because of the launching of the new “Vaimo80” desktop stapler
and contributed to the overall rise in sales. In addition, as a result of emphasis on marketing to targeted customers based on CRM
activities, sales of time recorders expanded, and this business as a whole secured the same level of sales as in the previous year.
In the overseas office equipment business, in the principal Asian markets, as a result of stronger marketing promotion, including
store displays, which expanded face share (at point of sales), sales, mainly of the staplers newly launched in the second quarter,
contributed to sales. In addition, sales of “LETATWIN” tube markers for electric equipment were favorable, thus also contributing to
the increase in sales.
In the autostapler business, the Company supplies autostaplers and consumables (staples) to almost all domestic and overseas
copier manufacturers. Copier production by manufacturers that the Company supplies on an OEM basis, which declined in the first
quarter because of the impact of the earthquake, recovered in the second quarter, and the Company’s shipments also increased.
However, in the third quarter, because the number of units shipped decreased once more because of the adverse impact of the
flooding in Thailand, sales through the third quarter were below the level of the same period of the previous fiscal year.
Office Equipment Segment Sales and Operating Margin Trend
120
%
100 million yen
Year-on-year change(%)
107.2
115.2
100
107.9
113.3
112.2
95.4
87.5
78.4
Net sales (100 million yen)
80
78.2
60
45.9
100
103.5
101.6
80
120
47.3
47.4
53.5
52.9
53.1
57.7
50.9
50.5
54.9
57.6
40
60
40
23.3
21.4
21.2
23.3
26.5
25.6
21.7
22.8
20.3
22.5
20
16.6
20
Operating margin(%)
0
0
Q1
Q2
Q3
3/2010
Q4
Q1
Q2
Q3
3/2011
4
Q4
Q1
Q2
3/2012
Q3
Industrial Equipment Division
Nine months ended
December 31, 2011
Net sales
(Millions of yen, %)
Increase year on year
Nine months ended
December 31, 2010
Amount
¥22,082
¥23,781
Operating loss
(295)
Operating margin
(1.2)%
% Change
¥1,698
(1,192)
7.7%
896
(5.4)%
―
4.2pp
In the industrial equipment division, sales through the end of the third quarter rose 7.7%, to ¥23,781 million, but the division reported
an operating loss of ¥295 million.
The division was not able to report operating income through the third quarter because of the impact of the earthquake on the
housing environmental equipment business in the first quarter and other factors, but, as a result of the increase in sales in the
domestic and overseas equipment businesses, the operating loss showed an improvement of ¥896 million, and the business was
generally approaching breakeven at the end of the third quarter.
In the domestic industrial equipment business, the number of new housing starts is continuing to recover moderately, and, as a
result of the increase in demand related to recovery activities in regions stricken by the earthquake, sales of rechargeable
battery-powered tools, high-pressure nailers, and compressors rose. In addition, condominium starts have moved above the level of
the previous year, and sales of tools for use in building concrete structures, including gas nailers and rebar-tying tools, are rising, thus
contributing to an increase in sales in this business.
In the overseas industrial equipment business, despite a difficult operating environment owing to concerns about economic
stagnation in the European and U.S. markets along with a rise in the value of the yen and its leveling off at high levels, sales of
rebar-tying tools and related consumables in Europe and the United States expanded and contributed to growth in overall sales in this
business. Also, as a result of strong sales of cost-competitive nailers manufactured in Thailand, overall sales of this business
expanded.
The housing environmental equipment business supplies products to construction companies and housing manufacturers that
contribute to making living environments more pleasant. These include bathroom heater-ventilator-dryers, ventilating systems, floor
heating systems, and disposal systems. Sales of bathroom heater-ventilator-dryers, which were adversely affected by the earthquake,
recovered to the level of the same period of the previous year, but, as during the first half of the fiscal year, sales of smoke detectors
decreased following the surge in demand created by revision of fire regulations. As a result, overall sales of this business decreased.
Industrial Equipment Segment Sales and Operating Margin Trend
%
100 million yen
160
Year-on-year change(%)
140
120
106.2
108.9 108.0
105.5
109.4
100
79.2
68.9
71.2
69.9
60
76.6
92.9
Net sales (100 million yen)
71.1
76.3
75.7
77.5
82.5
82.8
83.6
80
60
71.2
67.5
40
Net sales (100 million yen)
Operating margin(%)
20
40
△ 4.9
20
120
96.6
100
80
108.0
△ 11.8
△ 7.9
△ 9.1
△ 9.4
△ 8.9
Q2
Q3
Q4
Q1
△ 2.8
△ 2.2
△ 2.7
△ 0.9
△ 0.3
0
0
-20
Q1
3/2010
Q2
Q3
3/2011
5
Q4
Q1
Q2
3/2012
Q3
HCR Equipment Division
Nine months ended
December 31, 2011
Net sales
Nine months ended
December 31, 2010
¥2,564
¥1,718
Operating income
165
192
Operating margin
6.4%
11.2%
(Millions of yen, %)
Increase (decrease) year on year
Amount
% Change
¥846
49.3%
(26)
(14.0)
(4.8)pp
The Company changed the name of the segment that had been designated as “Other” through the end of the second quarter.
This new segment consists of the HCR (Home Care & Rehabilitation) marketing group, which has started with a view to the startup of full-scale operations from the next fiscal year, and Kawamura Cycle Co., Ltd., which became a consolidated subsidiary in June
2010.
In the previous period, this segment contains only the results of Kawamura Cycle, from July through December 2011, which has
been presented in the “Other” segment.
6
(2) Consolidated financial position
(Millions of yen, %)
Change from March 31, 2011
At December 31, 2011
Total assets
Net assets
Shareholders’ equity ratio
Amount
¥79,720
¥(1,766)
61,371
(985)
% Change
(2.2)%
(1.6)
0.4pp
75.5%
Consolidated total assets at the end of the third quarter decreased ¥1,766 million compared with the end of the previous fiscal year, to
¥79,720 million. Current assets increased ¥5,716 million, despite a decline of ¥631 million in notes and accounts receivable—trade,
as a result of increases in cash and deposits of ¥966 million, a rise in short-term investment securities of ¥4,522 million, a gain in
inventories, including merchandise and finished goods, of ¥930 million, and other factors. Fixed assets decreased ¥7,482 million,
despite a rise of ¥111 million in tangible fixed assets, because of a decline in investment securities of ¥7,529 million (including a
reclassification of some investment securities to current assets and other factors), and other matters.
Consolidated total liabilities at the end of the third quarter decreased ¥780 million compared with the end of the previous fiscal
year, to ¥18,348 million. Current liabilities were down ¥971 million, despite an increase of ¥612 million in other current liabilities
(including payables of ¥370 million) and a rise of ¥37 million in notes and accounts payable—trade, as a result of decreases of ¥169
million in short-term loans payable, a drop in income taxes payable of ¥352 million, a decline of ¥583 million in the provision for
bonuses and the provision for directors’ bonuses, a decrease in the provision for product quality warranties of ¥516 million, and other
factors. Long-term liabilities rose ¥191 million, despite a decline of ¥137 million in other long-term liabilities (¥79 million in income
taxes―deferred), as a consequence of an increase in the provision for retirement benefits of ¥376 million.
Consolidated net assets declined ¥985 million from the end of the previous fiscal year, to ¥61,371 million.
The Company reported net income for the quarter of ¥1,096 million, but shareholders’ equity decreased ¥760 million because of
the cash dividends paid amounting to ¥1,814 million.
Consolidated cash flows
Consolidated cash and cash equivalents (hereinafter, cash) at the end of the third quarter increased ¥851 million, to ¥7,757 million
compared with the end of the previous fiscal year.
Movements in the cash flows through the end of the third quarter under review are summarized below.
Cash flows from operating activities
Net cash provided by operating activities amounted to ¥2,665 million. Principal cash inflows were income before income taxes and
minority interests of ¥2,542 million, depreciation and amortization of ¥1,498 million, and a decrease in notes and accounts
receivable—trade of ¥792 million. On the other hand, principal operating cash outflows were provisions for bonuses of ¥570 million
and an increase in inventories of ¥807 million.
Cash flows from investing activities
Net cash provided by investing activities was ¥386 million. The principal cash inflows from investing activities were proceeds from
sales and redemptions of short-term and long-term investment securities of ¥3,305 million. The principal cash outflows in investing
activities were the purchase of short-term and long-term investment securities of ¥1,631 million and the purchase of property, plant
and equipment of ¥1,309 million.
Cash flows from financing activities
Net cash used in financing activities was ¥2,186 million. The principal cash outflow in financing activities was cash dividends paid,
which amounted to ¥1,805 million.
7
(3) Qualitative information on consolidated operating forecasts
Forecast of Consolidated Operating Results for the Fiscal Year Ending March 31, 2012 (April 1, 2011 to March 31, 2012)
(Millions of yen, %)
(Decrease)
Increase
Fiscal year ending
March
31,
2012
Fiscal year ending
Fiscal year ended
March 31, 2012 (Previous forecast
Amount % Change March 31, 2011
Amount % Change
issued on
October 27, 2011)
Net sales
¥57,700
¥58,000
¥(300)
(0.5)%
¥54,463
¥3,236
5.9%
Operating income
4,500
5,000
(500)
(10.0)
4,154
345
8.3
Ordinary income
4,500
5,000
(500)
(10.0)
4,166
333
8.0
Net income
Net income per
share (yen)
1,850
3,000
(1,150)
(38.3)
1,633
216
13.2
¥36.70
¥59.50
¥(22.80)
¥32.40
¥4.30
In the domestic economy, uncertainty is increasing because of concern about the effects on the real economy in Japan of the leveling
off of the yen at a higher level and the increasing seriousness of the debt crises in Europe. In addition, the business environment
surrounding the Company’s activities is becoming increasingly uncertain and challenging as the number of new housing starts since
the second quarter ended September has fallen below the level of the previous year and the prognosis is that full effects of demand
for recovery from the earthquake disaster will emerge next fiscal year and later.
Amid these conditions, accompanying the recognition of certain extraordinary losses and the reversal of some deferred tax
assets in the third quarter, the Company has revised its forecast for consolidated performance during the fiscal year ending March 31,
2012, which was announced on October 27, 2011, as shown in the table above.
Dividends
The Company’s basic dividend policy is to maintain a minimum dividend payout ratio of 40% and a target dividend to net assets ratio
of 2.5%, based on consolidated accounts.
The Company’s profitability is expected to recover during the current fiscal year; however, following the comprehensive
consideration of the financial condition of the Company and other factors, the Company is scheduled to pay an annual dividend of
¥36 per share, the same as in the previous fiscal year.
Payout ratio and dividends to net assets ratio
161.3
%
120
~
~
~
~
Yen
50
111.1
40
98.1
70.5
40.3
40
%
10
Minimum payout ratio
(40%)
80
Dividends per share
35 36 36 36 36 36
30
45.3
2.9 2.9
5
20
2.9 2.9 3.0 3.0
10
Target ratio of dividends
to net assets (2.5%)
0
0
0
3/07 3/08 3/09 3/10 3/11 3/12
3/07 3/08 3/09 3/10 3/11 3/12
(Plan)
(Plan)
8
2. Summary information (Others)
(1) Changes in important subsidiaries during the period
No related items
(2) Application of special accounting procedures in creating consolidated quarterly financial statements
Computation of taxes
Reasonable estimates are prepared based on income before income taxes and minority interests through the third quarter and the
effective tax rate after application of deferred tax accounting. The amount of income before income taxes and minority interests
through the third quarter is multiplied by the said effective tax rate. Please note that the “income taxes–deferred” is shown among
income taxes.
(3) Changes in accounting principles, changes in accounting estimates, and changes in presentation due to revisions
As a result of the receipt of new information relating to the provision for product quality warranties and recalculation of the
estimate, the Company recognized ¥120 million of gain on reversal of product quality warranties.
9
3.Consolidated financial statements
(1)Consolidated balance sheets
At March31,2011
Assets
Current assets
Cash and deposits
Notes and accounts receivable-trade
Short-term investment securities
Merchandise and finished goods
Work in process
Raw materials
Other
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Intangible fixed assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Income taxes payable
Provision for bonuses
Provision for directors' bonuses
Provision for product quality warranties
Other
Total current liabilities
Long-term liabilities
Long-term loans payable
Provision for retirement benefits
Provision for directors' retirement benefits
Asset retirement obligations
Negative goodwill
Other
Total long-term liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets
10
(Milloins of yen)
At December31,2011
7,032
12,584
5,545
4,015
864
2,152
2,296
△3
34,487
7,998
11,952
10,067
4,539
864
2,558
2,224
△3
40,203
17,733
216
17,844
189
23,506
5,559
△15
29,049
46,999
81,486
15,976
5,521
△15
21,483
39,516
79,720
3,845
2,908
972
1,109
46
912
2,572
12,367
3,882
2,739
619
538
33
395
3,185
11,395
185
4,981
231
26
79
1,258
6,762
19,129
150
5,357
230
26
66
1,121
6,953
18,348
12,367
10,517
42,010
△87
64,809
12,367
10,517
41,252
△89
64,048
△199
△2,775
△662
△3,638
1,186
62,357
81,486
△250
△2,696
△925
△3,872
1,195
61,371
79,720
(2)Consolidated statements of income
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Amortization of negative goodwill
Gain on valuation of derivatives
Other
Total non-operating income
Non-operating expenses
Interest expenses
Taxes and dues
Foreign exchange losses
Loss on valuation of derivatives
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on step acquisitions
Gain on negative goodwill
Gain on sales of investment securities
Gain on reversal of provision for product quality warranties
Total extraordinary income
Extraordinary loss
Loss on abandonment of noncurrent assets
Restructuring loss
Cost of product quality warranties
Impairment loss
Loss on adjustment for changes of accounting standard for asset retirement obligatio
Loss on valuation of investment securities
Other
Total extraordinary losses
Income before income taxes and minority interests
Income taxes
Income taxes for prior periods
Total income taxes
Income before minority interests
Minority interests in income
Net income
11
(Milloins of yen)
Nine months ended Nine months ended
December31,2010
December31,2011
39,502
42,665
24,420
26,256
15,081
16,408
12,213
13,263
2,868
3,145
228
104
23
10
107
473
207
132
12
25
85
463
38
15
354
38
35
482
2,859
39
45
358
57
500
3,108
81
277
17
377
120
120
8
65
1,182
22
23
1,302
1,934
576
17
594
1,340
14
1,325
104
581
0
686
2,542
1,408
1,408
1,133
37
1,096
(3)Consolidated statements of comprehensive income
(Milloins of yen)
Nine months ended Nine months ended
December31,2010
December31,2011
1,340
1,133
Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to
Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests
12
△343
△158
△502
838
△51
79
△269
△240
893
834
3
861
31
(4)Consolidated statements of cash flows
Nine months ended
December31,2010
Net cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of negative goodwill
Impairment loss
Increase (decrease) in allowance for doubtful accounts
Equity in (earnings) losses of affiliates
Loss (gain) on step acquisitions
Gain on negative goodwill
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for directors' bonuses
Increase (decrease) in provision for productquality warranties
Increase (decrease) in provision for retirement benefits and directors' retirement benefits
Interest and dividends income
Interest expenses
Loss (gain) on valuation of derivatives
Foreign exchange losses (gains)
Loss on abandonment of noncurrent assets
Loss on business restructuring
Loss on adjustment for changes of accounting standard for asset retirement obligations
Loss (gain) on sales of short-term and long term investment securities
Loss (gain) on valuation of investment securities
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Increase (decrease) in accrued consumption taxes
Decrease (increase) in other assets
Increase (decrease) in other liabilities
Subtotal
Interest and dividends income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Purchase of short-term and long term investment securities
Purchase of investments in subsidiaries
Proceeds from sales and redemption of short-term and long term investment securities
Proceeds from purchase of investments in subsidiaries resulting in change in scope of consolida
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Payments of loans receivable
Collection of loans receivable
Payments into time deposits
Proceeds from withdrawal of time deposits
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Proceeds from loans payable
Repayments of loans payable
Repayment of long-term loans payable
Purchase of treasury stock
Proceeds from sales of treasury stock
Cash dividends paid
Cash dividends paid to minority shareholders
Repayments of lease obligations
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents resulting from change of scope of consolidation
Cash and cash equivalents at end of period
13
(Milloins of yen)
Nine months ended
December31,2011
1,934
1,458
△10
22
2
△23
△81
△277
△420
△0
1,104
422
△332
38
38
0
8
65
23
△17
298
△392
647
△182
△288
158
4,195
353
△38
△1,706
2,804
2,542
1,498
△12
△0
△570
△12
△497
376
△339
39
△25
△5
104
0
581
792
△807
△119
61
86
403
4,095
371
△40
△1,761
2,665
△1,633
△512
3,272
135
△1,883
1
△26
△76
131
1,000
407
△1,631
3,305
△1,309
0
△34
△68
138
△60
46
386
300
△419
△35
△6
1
△1,811
△172
△2,144
△108
958
6,282
7,241
△128
△71
△2
0
△1,805
△156
△22
△2,186
△120
745
6,905
106
7,757
(5) Notes on assumptions underlying the definition of ongoing businesses
No related items
(6) Segment data
Nine months ended December 31, 2010 (April 1, 2010 to December 31, 2010)
1) Sales and income (loss) by reporting segment
(Millions of yen)
Reporting Segment
Total
Office Equipment
Industrial Equipment
HCR Equipment
¥15,701
¥22,082
¥1,718
¥39,502
―
―
―
―
Total sales
¥15,701
¥22,082
¥1,718
¥39,502
Segment income (loss)
¥ 3,868
¥ (1,192)
¥ 192
¥ 2,868
Sales to external customers
Intersegment sales or
transfers
2) Principal factors accounting for the difference between income (loss) by reporting segment and amounts shown in the quarterly
consolidated statements of income (Matters related to the adjustment of differences)
No related items
3) Matters related to the changes in reporting segment
No related items
4) Impairment losses on fixed assets, goodwill, etc. by reporting segment
No related items
14
Nine months ended December 31, 2011 (April 1, 2011 to December 31, 2011)
1) Sales and income (loss) by reporting segment
(Millions of yen)
Reporting Segment
Total
Office Equipment
Industrial Equipment
HCR Equipment
¥16,319
¥23,781
¥2,564
¥42,665
―
―
―
―
Total sales
¥16,319
¥23,781
¥2,564
¥42,665
Segment income (loss)
¥ 3,276
¥ (295)
¥ 165
¥ 3,145
Sales to external customers
Intersegment sales or transfers
2) Principal factors accounting for the difference between income (loss) by reporting segment and amounts shown in the quarterly
consolidated statements of income (Matters related to the adjustment of differences)
No related items
3) Matters related to changes in reporting segments
Through the end of the second quarter, the Company presented the results of Kawamura Cycle Co., Ltd. (a company engaged in
businesses related to nursing care and welfare), in the “Other” classification. However, from the third quarter onward,
accompanying the change in business organization aimed at expanding the Company’s nursing care and welfare businesses
(including the formation of a new HCR marketing group*), the Company has presented the results of these activities in the newly
created HCR equipment division.
Please note that segment information through the end of the third quarter for the previous fiscal year and the fiscal year under
review has been presented following these changes in corporate organization.
*“HCR marketing group” stands for “Home Care & Rehabilitation marketing group.”
4) Impairment losses on fixed assets, goodwill, etc. by reporting segment
No related items
(7) Notes on significant changes to shareholders’ equity
No related items
15
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